The "Safety Relays Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The safety relays market is estimated to grow at a CAGR of 5.23% to reach a market size of US$741.356 million in 2025 from US$545.996 million in 2019
The market is expected to grow at a significant pace due to its immense end-use applications in varied end-use industry verticals. The presence of stringent regulations such as the OSHA and Machinery Directive is also burgeoning the market demand keeping in view the safety of the industrial operation and the personnel. Additionally, the increasing concerns regarding the safety and security of industry personnel are further providing an impetus in propagating the market growth during the forecast period. Furthermore, the market is projected to augment at a significant pace due to the adoption of automation solutions in the hazardous industrial environment.
Rockwell Automation, Inc.
Pilz GmbH & Co. KG
The presence of strict regulations on industrial safety serves as major driver in driving the growth of the global safety relays market in the forecast period
In order to maintain a safe and healthy working environment, it becomes important for the industries to comply with the regulatory standards, failing which would lead to causing harmful effects, resulting in loss to the organization and the workers. There are pieces of incidents from the past regarding the killing of people at the industrial sites, hence, leading to suffering from work-related disabilities. Hence, further resulting in poor work output and contributing to huge losses. It is however impossible to eliminate the causes of accidents but significant efforts are being made for providing safety measures in order to avoid mishappenings.
Few examples of regulatory standards include
Occupational Safety and Health Act (OSHA) which came into force in 1970. The role of OSHA is to help and ensure safe workplaces for men and women in America. Under the OSH Act, the workers receive training and education regarding hazards in workplaces, prevention methods, and OSHA standards applicable to a particular workplace. All businesses are required to comply with OSHA standards.
The OSH Act covers most of the private sector employers and their workers, also some of the public employers and workers in the 50 states and certain territories and jurisdictions lie under the federal authority. The jurisdictions include the District of Columbia, Puerto Rico, the Virgin Islands, American Samoa, Guam, Northern Mariana Islands, Wake Island, Johnston Island, and the Outer Continental Shelf Lands as defined in the Outer Continental Shelf Lands Act.
The trend of industry 4.0 is paving way for the use of safety relay devices in the forecast period and in the coming years
The industrial automation worldwide is projected to surge in the upcoming years. This is due to the increasing inclination in adopting digital technologies, hence contributing to the industrial automation growth. The increasing labour charges are further fueling the market demand in the forecast period and in the upcoming years. Additionally, with the soaring need for reducing risk of accidents in the industry sites in fueling the demand for industrial automation, hence driving the market demand as well.
Furthermore, automation is allowing the organizations in gaining real-time information related to the industrial operations, hence, leading to the continuous monitoring of operations possible. The introduction of connected technologies such as the industrial internet of things (IIoT) is further poised to bolster automation in industries in the forecast period and in the upcoming years.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Safety Relays Market Analysis, by Relay Configuration
5.2. Single Channel Relays
5.3. Dual Channel Devices
6. Safety Relays Market Analysis, by Application
6.2. Light Curtains
6.3. Magnetic Relays
6.4. Safety Mats
6.5. Emergency Stop Buttons
7. Safety Relays Market Analysis, by End User Industry
8. Safety Relays Market Analysis, by Geography
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.6. Asia Pacific
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/f635fg
View source version on businesswire.com: https://www.businesswire.com/news/home/20201028005639/en/
Laura Wood, Senior Press Manager
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